We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.

Accept

07 February 2018

India’s Largest Crypto Exchanges Dispel Rumors of Cryptocurrency Ban

The CEOs and founders of three major exchanges in India have spoken out against the media panic surrounding the Finance Minister's comments a few days ago, which have spread rumors that India is approaching a cryptocurrency ban.

Talks of a cryptocurrency ban began firing up around the world as India’s Minister of Finance used harsh words to describe the market and his plan of action in the near future.

However, as the frenzy ensued, a significant amount of misinformation spread, leading several news publications to interpret the statement by the Minister as a full-blown call to ban the entire cryptocurrency market in the country.

“The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate use of these crypto-assets in financing illegitimate activities or as part of the payment system,” said Arun Jaitley, India’s Finance Minister.

For most people who take the time to read it, the statement is very clear on the fact that Jaitley was talking about cracking down on illegal uses for cryptocurrencies, but not on the market itself.

“We are happy that the Finance Minister has recognized the importance and popularity of cryptocurrency, and has chosen to talk about it on budget day. As far as the exact content of what he said, we are largely neutral about it. However, we are pained to see his words being misinterpreted and misreported, by a section of the media,” said Sunny Ray, founder of Unocoin, one of India’s largest exchanges.

Sandeep Goenka, founder of ZebPay, stepped in with comments of his own, saying that the exchange welcomes the government’s initiative to stamp out criminal activity in the local cryptocurrency market.

Goenka also emphasized that they will support the government’s decision by making efforts to “detect, report, and eliminate suspicious transactions” much like how banks do.

The third executive to step in was Mohit Kalra, CEO of Coinsecure.

He said that the recent statement by the Finance Minister is nothing out of the ordinary for the Indian government, and added that this “just seems like a lot of unnecessary media FUD.”

Third party services may advertise Spread bets and CFDs on Cryptovest, which are complex instruments and come with a high risk of losing money rapidly due to leverage. 81% of retail investor accounts lose money when spread betting or trading CFDs. You should consider whether you understand how spread bets or CFDs work and whether you can afford to take the high risk of losing your money.